J.P. Morgan's Dimon says 'bad policies' stalling U.S. economic growth

J.P. Morgan Chase & Co.'s outspoken CEO Jamie Dimon said the U.S. economy is being held in check by a lack of policy momentum in Washington D.C. that has failed to deliver a spate of pro-growth legislation that could help to boost an otherwise sluggish economy. "We have to focus on policy that is good for all Americans," Dimon said speaking Friday morning on a call with reporters to discuss second-quarter earnings. Dimon said the inability to make headway on legislation is "holding us back and it is hurting the average American," he said. "It isn't a Republican issue, it is not a Democratic issue," he said. Dimon said U.S. gross domestic product has been accelerating at an annual rate of about 1.5% to 2% and said "bad policies" are to blame for this pace that is considered muted for an economy that is in the ninth year of recovering from a financial crisis. Dimon said continued gridlock may not further weigh on growth but said better policies could deliver a jolt higher to the economy. "We need infrastructure reform, we need regulatory reform." He declined to say whether President Donald Trump's administration was moving fast enough on those issues and called out the media for failing to cover those issues. Shares of J.P. Morgan
JPM, -1.56%
were trading 1.6% lower despite reporting second-quarter results that beat expectations, as investors focused on a trading slowdown. So far this year, J.P. Morgan's stock has gained 7.9%, while the S&P 500 index
SPX, -1.54%
has risen 9.3% and the Dow Jones Industrial Average
DJIA, -1.24%
has climbed 9.1% over the same period.

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